Chief Director at Ghana’s Finance Ministry, Patrick Nomo, has sounded the alarm over the nation’s looming demographic challenge, urging bold reforms in public financial management to secure jobs, services, and economic stability.
Speaking at a stakeholder roundtable on the design of Ghana’s new independent Fiscal Council, he cautioned that the country’s current fiscal practices are unsustainable given the rapid pace of population growth.
Citing United Nations projections, he revealed that Ghana’s population is set to hit 45 million by 2040, with 58% under the age of 30. This will see nearly 10 million young people entering the labour market in the next 15 years, a development he described as both an opportunity and a major risk.
“We must do things more differently. We must become more effective and efficient in public financial management if we are to meet our national aspirations and respond to the legitimate needs of our young people.” — Patrick Nomo, Chief Director, Ministry of Finance
Mr. Nomo stressed that past mismanagement had worsened macroeconomic instability, stifling opportunities for households and businesses. He argued that the creation of a stronger, empowered Fiscal Council, under the amended Public Financial Management Act, is crucial to prevent a repeat of past crises and to preserve resources for future generations.
The Council will be tasked with enforcing fiscal rules, including a new debt-to-GDP ceiling of 45% by 2034, ensuring transparency and accountability in government spending, and provide independent oversight to safeguard fiscal sustainability.
The Chief Director disclosed that the Ministry is already preparing the 2026 Budget, with reforms set to reflect both current challenges and Ghana’s demographic trajectory. He invited stakeholders to contribute to shaping policies that will secure opportunities for the incoming generation of workers.
The roundtable, convened by IMANI Ghana and the International Institute for Sustainable Development (IISD), brought together civil society leaders, business executives, and policymakers to deliberate on design choices for the new Fiscal Council.
